DOVER — Foster’s has learned that Dickinson Development Corporation is planning to sell a portion of the Dover Waterfront Development property, Dover Landing — Phase I, for just under $4 million.

Foster’s has learned the property is up for sale for $3,940,000. The development is being described as approximately 12.6 acres of multifamily and residential development, located along the Cocheco River. The commercial portion, an approved proposed development of a retail and restaurant building, is to be constructed by the seller.

“Anybody that’s going to do 200 units of apartments is going to be a substantial player,” said developer Mark Dickinson, who confirmed the proposed sale. “These guys really wanted to do it themselves. They don’t really need me as a partner.”

Dickinson said by selling the property, he is not abandoning the project. He intends to continue his involvement and will remain responsible for the construction of the commercial portion of the project. He said selling the multifamily portion of Dover Landing — Phase I, will allow the project to proceed more efficiently and ultimately be of greater benefit to the community.

“I felt that somebody else with more experience than I in the multifamily area would be more successful in implementing the program,” Dickinson said. “If I want to get the project done effectively, the best thing to do is to hand it off to a major player with the kind of restrictions and obligations that I have incurred.”

Dickinson said he has not yet found a buyer.

When contacted by email, City of Dover Economic Development Director Dan Barufaldi said he had “no knowledge” of the proposed sale.

City Manager Mike Joyal said he was unclear what Dickinson’s plans are and that he would be reaching out to Dickinson for that purpose. Joyal said the city has an agreement with the developer by which Dickinson Development is responsible for completing Phase I of the project.

“We have an agreement that is in place that spells out what the expectations are,” Joyal said. “This project has to be developed, at least the first phase, by Dickinson Development.”

Joyal is aware of the fact that Dickinson has been looking to attract investors and said there are many ways to do this. Joyal said technically, Dickinson cannot sell the land yet because he does not own it.

“We’re going to follow up and get a better understanding of what’s being marketed and what’s being advertised,” Joyal said. “Whatever happens, there is a development agreement in place with Dickinson Development that needs to be honored, and included in that are many expectations and protections of the city. If that is not able to be adhered to, the deal would become void and at this point in time, the clock is ticking anyway.”

The asking price of $3.94 million is expected to help cover Dickinson’s costs on the project. Dickinson said he already has over $1 million invested in the development, is buying the land for approximately $1.2 million and will also pay a remediation cost of approximately $800,000. The remaining difference, if achieved, is compensation for Dickinson and his company’s time and services over six years of work on the development.

“I’m not trying to get out of any commitments,” Dickinson said. “I’d stay in all the way through the approval process. I’ll still be intimately involved.”

Dickinson said by selling, he is trying to help the project move along more efficiently, and he expects to be involved in the deal “right to the end in terms of the other phases.”

As far back as May of 2013, Dickinson was working with a national investment banker firm, Northmarq Capital, LLC., in the quest to land an investor. The firm is headquartered in Minnesota but has an office in Boston, Mass. Dickinson has been working with Northmarq’s managing director, Jim Murphy, to help sell the multifamily part of the property. Dickinson said he made his decision to sell last week.

Murphy was not available for comment.

Last December, Dickinson told the Cocheco Waterfront Development Advisory Committee (CWDAC) that he was having difficulty finding investors for the waterfront development, necessitating a 15-month extension he was granted in February. According to Dickinson, investors showed interest in the project before backing out due to Dover’s status as a secondary market and the length and expense of the proposed project.

“For a variety of reasons we couldn’t get interest,” Dickinson said. “Some people think Dover is a bit too far out. It makes it more difficult to finance and implement if you are in a secondary market.”

In February, the City Council approved an amendment to the Land Disposition Agreement between the developer and the city in order to give Dickinson an additional 15 months to line up investors for the project. In May, Dickinson presented an updated concept plan to the advisory committee, which scrapped plans for 14 single-family homes and replaced those with two, possibly three, proposed 40-unit, four-story luxury apartment buildings with underground parking. This was done in the hope of attracting an investor.